Jump to content

Sugarloaf and Sunday River sold to Boyne


Jack M
 Share

Recommended Posts

Press release:

American Skiing Company Announces Sale of Sunday River and Sugarloaf

Resorts

PARK CITY, UTAH - June 5, 2007 - American Skiing Company (OTCBB: AESK)

announced today that it had entered into a definitive agreement to sell

its Sunday River and Sugarloaf/USA resorts, both located in Maine, to

Boyne USA, Inc. for $77.0 million in cash. Boyne will also assume $2.0

million in debt and other liabilities. The announced sale follows the

review of strategic options for both resorts announced in March.

"The longstanding relationship between ASC and the communities of Sunday

River and Sugarloaf/USA extends to the very origins of our company,"

said ASC President and CEO B.J. Fair. "With so much of our company's

roots and history here, it will be hard to part ways with these resorts.

However, I am confident both resorts have an exceptionally bright future

ahead of them. Boyne is an established operator and should bring a

wealth of vision and resources to guide Sunday River and Sugarloaf/USA

into their next stages of growth," added Fair.

Sunday River features 131 trails spread across eight interconnected

mountain peaks, serviced by a network of 18 lifts, including four

high-speed quads. A recently constructed Robert Trent Jones, Jr.

championship golf course, two full-service fractional ownership hotel

and conference center properties, and numerous local attractions

complement the four-season offerings of the resort.

Located in the heart of Maine's Carrabassett Valley, Sugarloaf/USA

boasts New England's longest continuous vertical drop (2,820 feet) and

only lift-serviced above-treeline skiing. A full-service fractional

ownership hotel and conference center, golf, mountain biking and fall

foliage viewing are also important components of the resort's year round

recreation offerings.

Headquartered in Michigan, Boyne USA, Inc. is a privately held company

that has interests in seven North American resort properties, including

Big Sky Resort in Montana;

Boyne Mountain,

P.O. Box 4552 Park City, UT 84060

Phone: 435-615-0340 Fax: 435-615-4780

e-mail: investinfo@ascresorts.com

Link to comment
Share on other sites

they've sold off everything but Canyons. wonder how many fools have held onto their stock (AESK). It IPO'd at $14-15 in the late 1990's and is now hovering around $0.25. Ouch!!! The Globe reported that ASC passed over an offer from Les Otten. I also heard that LL Bean was a potential buyer for Sugarloaf.

Link to comment
Share on other sites

The Globe reported that ASC passed over an offer from Les Otten. I also heard that LL Bean was a potential buyer for Sugarloaf.

Les Otten and Warren Cook (former SL owner) teamed up to make an offer together.

LL Bean tested the waters, as did Disney.

I've asked an insider for pass prices....

Link to comment
Share on other sites

has been quietly in the process disolving for awhile now

I'll get the details sometime from somebody in the know at SR sometime here and I'll report all the dirty little ski industry secrets.

too bad intrawest is still aroud, they blow

Link to comment
Share on other sites

  • 4 weeks later...
has been quietly in the process disolving for awhile now

I'll get the details sometime from somebody in the know at SR sometime here and I'll report all the dirty little ski industry secrets.

too bad intrawest is still aroud, they blow

Got the EMail today...ASC will disolve into a memory shortly, assets to be divided amongst the shareholders, well, almost all the shareholders...

"Holders of our Common Stock and Class A Common Stock are not expected to receive any payment or distribution with respect to their shares pursuant to our plan of dissolution after we make payments to our creditors and the holders of our Series C Preferred Stock."

I wondered why the Stock fell to .02 so recently....

And yea, I was a shareholder. Should of held onto RIMM.....LOL

Link to comment
Share on other sites

  • 2 weeks later...
  • 3 weeks later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share



  • Recently Browsing

    • No registered users viewing this page.
×
×
  • Create New...